Credit, collections & insolvency news
One in four people in the UK (27%) are currently behind on at least one bill with Citizens Advice warning the situation only looks set to deteriorate in the coming months. The research estimates household debt, covering things like essential bills and benefit repayments sits at £22 billion. But the charity warns the true figure…
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Credit Connect is pleased to reveal the companies, partnerships and individuals that have been shortlisted in this year’s seventh annual Credit & Collections Technology Awards. The Credit& Collections Technology Awards is the UK’s celebration of tech innovators in credit and collections. The technology-focused award scheme seeks to champion innovation and best customer outcome solutions. The shortlist…
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New research by 55Plus has found that equity release cases across the industry has rapidly increased this year, as homeowners over 55 look for solutions to combat rising residential mortgage rates. The company says it has witnessed an increase in enquiries from people looking to remortgage, as a direct result. Jan Johnson, Founder and Director of…
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New analysis by the Financial Conduct Authority (FCA) has found that one in ten interest-only mortgage holders might be ‘overly optimistic’ about repaying their debt when the time comes. The number of interest-only (750,000) and part-interest-only (245,000) mortgages has halved since 2015, new Financial Conduct Authority analysis has found. The fall is a result of…
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A survey of agents and surveyors suggests that high mortgage rates have hit property sales, with a net 44% saying they saw a decline in sales agreed in July. The Royal Institution of Chartered Surveyors (RICS) poll saw a net 45% of estate agents and surveyors say inquiries from new buyers fell last month, with…
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Credit Connect’s hosted its sixth Online Collections Technology Think Tank 4.2 last week which saw collections strategies and the impact of cost of living economic stresses discussed by thirteen collections professionals from a variety of industry sectors. The themes of collections risk, business transformation, customer engagement, vulnerability and affordability were discussed by panelists and Chair…
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Digitalisation of the origination process is about delivering a flexible, agile, scalable, and above all, cost-effective solution. Critically this solution must successfully support the lending business which is ambitious for growth, delivering for a borrower who is hungry for the “Amazon experience” – now and in the future. Some will say “that will cost a…
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Digitalisation of the origination process is about delivering a flexible, agile, scalable, and above all, cost-effective solution. Critically this solution must successfully support the lending business which is ambitious for growth, delivering for a borrower who is hungry for the “Amazon experience” – now and in the future. Some will say “that will cost a…
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The Government has announced new legislation which will aim to ensure businesses and consumers are protected from rip-offs and can reap the full benefits of the digital economy with confidence. Fake reviews that cheat customers, subscription traps that cost more than a billion pounds a year and new powers for the Competition and Markets Authority…
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Credit Connect has announced its annual Credit & Collections Technology company power list for 2022. The fourth edition of the power list is a round-up of the most prominent innovating companies within credit and collections technology. Each year Credit Connect identifies the top 20 ‘Premier’ innovators highlighting the achievements and successes of the top-performing companies.…
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It’s been nearly five years since Open Banking was launched in the UK, and although initial adoption rates were somewhat lower than expected, there is evidence that the platform may be a ‘slow burner’. Recent research suggests that usage is now growing rapidly, with the number of Open Banking transactions growing 10% month on month*. …
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With the pandemic having accelerated the shift away from face-to-face credit applications, the fraud landscape continues to evolve – and this trend shows no signs of a reversal. Given the inherently remote and anonymous nature of internet-based credit decisioning, this presents higher risks for lenders. The lender landscape has changed too. More consumer payment options,…
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The Institute of Directors (IoD) is calling on the Government urgently to adjust its tax policies to take account of the extraordinary energy cost pressures businesses currently face. The IoD says this should include using tax incentives to support the business transition to a low carbon economy, with less dependency on expensive fossil fuels. Specifically,…
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